1065 k-1 line 19 a

[gman]

New client brings in k-1 with very small amounts except for line 19, code A. No basis information provided. Would any of that distribution be taxable. Small investment club that he decided to get out of, 2500.00 on line 19 code A?

[David1980]

Maybe. If distributions exceed basis you have gain. I don't think there's any way to know without basis information though. I guess you could assume $0 basis.

[Burke]

New client brings in k-1 with very small amounts except for line 19, code A. No basis information provided. Would any of that distribution be taxable. Small investment club that he decided to get out of, 2500.00 on line 19 code A?

Since you said he decided to "get out of" it, I am assuming that this is a final K-1? You will have to know how much he invested in it and when to compute gain or loss.